HOUSTON, May 7 (Reuters) - Nigeria could produce 6
million barrels of oil per day with adequate investment in its
energy sector, the nation's oil minister said on Tuesday.
Nigeria is a member of the Organization of the Petroleum
Exporting Countries (OPEC) but its oil production has declined
to just over 1.3 million barrels per day. Oil major Shell
exited the country.
Nigeria and other African oil-producing countries lack the
capital to explore and produce their oil and gas, said oil
minister Heineken Lokpobiri at the Offshore Technology
Conference (OTC) in Houston.
African nations must give priority to producing their own
oil and gas reserves, he said, accusing Western countries of
using access to capital as a means of compelling African
countries not to explore for oil and gas resources.
But another executive on the panel said money is not the
main problem. Corruption leadership and discipline is the real
problem facing Africa, said Kosmos Energy ( KOS ) Senior Vice
President Joe Mensah, who also spoke at the conference.
"Corruption. That's what's killing us. There is plenty of
money on the continent today, you do not need to go outside of
the continent to find money to do work," Mensah said.
Lokpobiri also pointed to cash being available for energy
transition over fossil fuels. Africa needs to address the lack
of oil and gas before its can talk about transiting to clean
fuels, he said.
The COP Climate Summit's pledges of funding to mitigate
warming "will never come," he told attendees. "Right now we do
not have energy to transform to anything," Lokpobiri said.
The U.S. is the largest oil and gas producer in the world,
but is asking Africa to stop exploring and producing oil, the
minister said.